Nifty gained around 68 Points to close at 12248 on Friday. During weekend two important things happened. The extent of Corona virus outbreak was felt by America, when DOW dropped by 170 points, where now third case is detected and in China’s Wuhan, death toll has risen to 51. China is fighting this crisis on war footing. But tomorrow Hang Seng and other Asian markets will open to this overhang. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. Another news, good news at that, was ICICI results which gave fantastic performance on all parameters- 158% growth in PAT, 24% increase in NII, 51% drop in Provisions and 16% loan growth (all on YoY basis) all point towards great show. These results will also cast its effect on Nifty as well as Banknifty. On Friday, both FIIs and DIIs were net purchasers. Option chain data shows that 12200 is acting as good base but there is no dependable resistance which actually might aid tomorrow’s expected upmove due to ICICI bank since it has good weightage in Banknifty. On daily charts, Nifty made a green candle with HH, HL and also closed above 20 DEMA. So it looks that Nifty will rise tomorrow but it might not go too far and hence I have marked a selling area on 15 min chart. As for buying, if Nifty comes near 12180 during morning hours buy with a SL of around 25 points.
All the best. Happy trading.
All the best. Happy trading.